Existing Market:
Step 1. There are other companies that sell tickets online and can be accessed through your phone. The big ones are ticketmaster and stubhub.
Step 2. I interviewed three people who purchase UF student football tickets. Most of them were excited for my new idea because they hate waiting in line to pick up their tickets. One person said that he actually prefers the physical ticket because he collects them.
Step 3. I plan to start off on focusing on UF. When I grow I hope to expand to colleges all over the country that do not give access to student football tickets on phones. Then maybe I could compete with major companies like stubhub and ticketmaster and sell all kinds of tickets.
New Market:
Step 1. My services focuses on college students who purchase student football tickets. I could also expand into selling all kinds of tickets like concert tickets and other sporting events. The only problem is that it will be hard to compete the pre existing companies.
Step 2. Everyone could now purchase all kinds of tickets, not just college football. It can now be open to everyone, not just college students.
Step 3. The two people I interviewed liked the idea of being able to buy tickets to all kinds of events. They all just mentioned that other big name companies are already in the market so it would be difficult to compete. They mentioned that I would have to find a way to differentiate myself to compete with the others.
Step 4. My new market relates to my target market, but it will be much more difficult to enter. I think I could enter the new market once I have gotten bigger selling student football tickets because the other big companies are unable to do that. Taking advantage of that opportunity is how I differentiate myself and allow my company to grow to be able to compete in the new market.
With the research you have collected between your existing market and your new market, you have really spotted out the main differences between the two. You were detailed in explaining each step and I can sense that you have much potential. I am intrigued by what you wrote about your new market because it's very original. You are catering to a precise population and you made necessary adjustments.
ReplyDeleteHi Tyler, I really liked your response to this assignment. It is really thorough and deep in analysis. Your interviews have really helped me understand why you are choosing the new target market and that is important to consider when explaining your business outside of what you are currently aiming to do. This business venture will help all kinds of people all around UF and those that attend football games.
ReplyDeleteHey,
ReplyDeleteI think you did a really good job explaining your existing and new markets and why you chose them. Your interviews gave a lot more insight to consider for your business idea. I agree with you that beginning the new ticket system at UF is a good start, and then could be expanded to other schools or larger companies. Your new market mentioned a way to differentiate yourself from the competition, and I think it would be smart to thinking about that in more detail.